In a move to surge Singapore’s property sales several developers are reimbursing the deterring additional buyer’s stamp duty (ABSD).
Imposed by the government in late 2011, ABSD was introduced to stifle Singapore’s residential property market.
Regulators’ eyebrows are now raised and may have to intervene in this new tactic deployed by developers to increase property sales, crippled by ABSD. Reimbursement of the stamp duty from developer to purchaser has caused concern over the possible distortion of property and loan values. Full story
